SolarBank Provides Update on 2.9 MW Project in Gainesville, New York

SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce an update on the development of a 2.9 MW DC ground-mount solar power project known as the Silver Springs project (the "Project") on a site located in Gainesville, New York. The Project has achieved a development milestone in receiving positive interconnection results via a completed Coordinated Electric System Interconnection Review (CESIR). Now that the Company has received a positive interconnection determination, it will proceed with permitting the Project site. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority ("NYSERDA") NY-Sun Program.

Dr. Richard Lu, Chief Executive Officer of SolarBank commented: "SolarBank has always been focused on the development of projects in the United States that provide clean energy to support communities. The recently announced tariffs on Canada, Mexico and China are not expected to have an impact on our business. In particular our recently announced $49.8 million transaction with Qcells will see four projects developed with "Made in America" solar panels. SolarBank believes it can navigate supply chain issues to continue to develop projects with positive economics."

Following receipt of the necessary permits and financing, the Company intends to commence the construction of the Project. Once completed, each of the Project will be operated as a community solar project. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that's generated by the project, accessing the benefits of solar without installing panels on their home.

Solar Simplified handles all customer-facing activities for the Company's community solar projects, allowing it to focus on developing and expanding its renewable energy portfolio. Solar Simplified's expertise in acquisition, enrollment, and management ensures full project subscription and maximized revenue from day one. With a business model that aligns seamlessly with the Company's, this partnership drives sustainable growth, enabling the Company to accelerate development, bring more projects online each year, and create greater value for its business and the communities served by the Company.

SolarBank Corporation | www.solarbankcorp.com